ELS

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Equity Lifestyle Properties, Inc.

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Key Metrics

Previous Close: $65.73
52-Week Range: $58.72 – $69.00
Market Cap: $13.12B
P/E (TTM): 31.61
EPS (TTM): 2.07
Dividend Yield: 3.30%

Advanced Metrics

Price/Book: 7.22
PEG Ratio: 4.94
Return on Equity: 22.88%
Return on Assets: 5.91%
Gross Margin: 53.66%
Operating Margin: 32.11%
Profit Margin: 25.62%
Current Ratio: 0.14
Debt/Equity: 1.82
Total Debt: $3.31B
Free Cash Flow: $603.53M
Revenue Growth: 6.40%
Earnings Growth: 19.10%
Enterprise Value: $16.06B

ELS Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.37B	$1.40B	$1.43B	$1.45B
Cost of Revenue	$730.40M	$731.74M	$725.29M	$719.68M
Gross Profit	$644.56M	$672.53M	$708.01M	$730.57M
Selling, General & Admin	$92.50M	$95.71M	$88.19M	—
Operating Expenses	$294.86M	$299.44M	$292.07M	$288.99M
Operating Income	$349.70M	$373.09M	$415.94M	$441.58M
EBITDA	$622.44M	$660.63M	$731.57M	$743.54M
Pretax Income	$298.82M	$319.19M	$384.46M	—
Income Tax	$0.00	-$10.49M	-$354.00K	-$3.27M
Net Income	$284.63M	$314.21M	$367.01M	$386.51M
Diluted EPS	1.53	1.69	1.96	2.01
Diluted Shares	195.25M	195.43M	196.54M	200.11M

ELS Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$2.65M	$4.24M	$24.58M	$26.13M
Receivables	$45.36M	$49.94M	$50.73M	$93.36M
Current Assets	$67.70M	$79.87M	$75.30M	$119.49M
Total Assets	$5.49B	$5.61B	$5.65B	$5.75B
Current Liabilities	$785.05M	$627.50M	$694.23M	$713.95M
Long-Term Debt	$3.19B	$3.49B	$3.13B	$3.22B
Total Debt	$3.39B	$3.52B	$3.20B	$3.32B
Total Liabilities	$3.98B	$4.12B	$3.82B	$3.93B
Retained Earnings	-$204.25M	-$223.58M	-$214.98M	-$225.04M
Shareholders' Equity	$1.45B	$1.43B	$1.74B	$1.76B
Working Capital	-$717.35M	-$547.63M	-$618.93M	-$594.46M
Net Debt	$3.39B	$3.51B	$3.18B	$3.30B

ELS Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$475.81M	$548.00M	$596.72M	$571.15M
Capital Expenditure	-$249.28M	-$317.09M	-$241.28M	-$237.09M
Free Cash Flow	$226.54M	$230.92M	$355.44M	$334.06M
Depreciation & Amortisation	$207.05M	$209.10M	$209.40M	$213.74M
Stock-Based Compensation	$8.76M	$17.83M	$9.37M	$7.25M
Investing Cash Flow	-$402.07M	-$324.75M	-$217.84M	-$277.08M
Financing Cash Flow	-$174.80M	-$215.66M	-$384.24M	-$292.51M
Dividends Paid	-$310.96M	-$342.58M	-$367.73M	-$405.00M
Net Change in Cash	-$101.05M	$7.59M	-$5.36M	$1.56M

ELS Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$372.58M	$373.35M	$353.26M	$379.56M	—
Cost of Revenue	$186.89M	$191.58M	$166.88M	$175.41M	—
Gross Profit	$185.69M	$181.77M	$186.38M	$204.15M	—
Selling, General & Admin	$21.50M	$20.18M	$19.07M	$21.76M	—
Operating Expenses	$74.15M	$72.49M	$72.06M	$74.90M	—
Operating Income	$111.54M	$109.28M	$114.32M	$129.25M	—
EBITDA	$169.56M	$187.54M	$188.73M	$199.45M	—
Pretax Income	$83.49M	$100.36M	$100.54M	$111.49M	—
Net Income	$79.72M	$97.13M	$100.47M	$107.90M	—
Diluted EPS	0.42	0.50	0.52	0.56	0.50
Diluted Shares	200.09M	200.13M	200.16M	200.18M	200.21M

ELS Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$26.18M	$9.91M	$13.19M	$26.13M	$18.84M
Receivables	$47.73M	$100.27M	$96.85M	$93.36M	$90.25M
Current Assets	$95.21M	$133.28M	$136.14M	$119.49M	$129.49M
Total Assets	$5.64B	$5.72B	$5.75B	$5.75B	$5.75B
Current Liabilities	$697.35M	$750.69M	$703.37M	$713.95M	$727.46M
Long-Term Debt	$3.11B	$3.16B	$3.23B	$3.22B	$3.20B
Total Debt	$3.17B	$3.25B	$3.28B	$3.32B	$3.29B
Total Liabilities	$3.81B	$3.91B	$3.94B	$3.93B	$3.93B
Retained Earnings	-$204.23M	-$222.99M	-$225.68M	-$225.04M	-$222.35M
Shareholders' Equity	$1.75B	$1.73B	$1.75B	$1.76B	$1.76B
Working Capital	-$602.14M	-$617.41M	-$567.24M	—	-$597.97M
Net Debt	$3.15B	$3.24B	$3.26B	$3.30B	$3.27B

ELS Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$193.39M	$131.29M	$147.01M	$99.46M	$194.23M
Capital Expenditure	-$45.20M	-$59.46M	-$71.27M	-$61.16M	-$45.28M
Free Cash Flow	$148.19M	$71.83M	$75.74M	$38.30M	$148.95M
Depreciation & Amortisation	$52.18M	$53.87M	$53.52M	$54.18M	$54.32M
Stock-Based Compensation	$2.33M	$2.67M	$2.54M	-$298.00K	$2.15M
Investing Cash Flow	-$42.32M	-$114.55M	-$66.85M	-$53.36M	-$44.30M
Financing Cash Flow	-$128.17M	-$31.20M	-$73.88M	-$59.26M	-$136.83M
Dividends Paid	-$95.58M	-$103.14M	-$103.14M	-$103.15M	-$103.15M
Net Change in Cash	$22.90M	-$14.47M	$6.28M	-$13.16M	$13.10M

Market Snapshot

About

Equity Lifestyle Properties is a real estate investment trust (REIT) that owns and operates manufactured home communities and recreational vehicle (RV) resorts across the United States. The company's portfolio includes over 400 properties in more than 30 states, providing affordable housing options and vacation destinations. Equity Lifestyle Properties generates revenue primarily through site rental fees from long-term residents in manufactured home communities and short-term guests at RV resorts. The company has established itself as a leading consolidator in the manufactured housing and RV resort sectors, benefiting from demographic trends favoring affordable housing and outdoor recreation.